List of foreign insurance, reinsurance and brokerage companies was supplemented by several players in this segment.
According to the official website of the State Insurance Supervision Service, the number of insurance companies with foreign capital was replenished by four organizations: "NART Insurance and Reinsurance Brokerage Inc" (Turkey), "Alwen Hough Johnson Limited" (UK), OOO "SB Top Taym" (Russia) and "Pioneer Insurance and Reinsurance Brokers Pvt" (India) at the level of 93 units.
Total number of reinsurance companies, included the register remained at the level of 39 units.
The number of foreign players in the local brokerage segment increased to 65 due to the brokerage company "IUC Sigorta ve Reasurans Brokerligi AS" (Turkey.) Foreign individuals wishing to be brokers in Azerbaijan have not been registered yet.
According to the law "On insurance activity", the register of foreign insurance, reinsurance and brokerage firms should be included the structures with high rating, through which Azerbaijani insurers are advisable to carry out insurance and reinsurance operations.
According to the same law, the registry must be updated promptly, so that the company could start on time to participate in the financial market of Azerbaijan.
Registry of the State Insurance Supervision Service was established under the law "On insurance activity". - 17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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